IMPACT OF MARKETING ON SOCIETY

Introduction:

In this article we will see the impact of Marketing on Society. Marketing is a crucial function in any organization. For any product or service to be successful it is important that it is communicated in the right way, to the right people, at the right time, and also in the right place. This is the main function of Marketing. Having said that, it is not the only function of Marketing. Marketing also involves an important and critical task of Creating Values for the customers.

How does a Customer choose a product to buy?

Based on the following aspects:

Availability of items
Needs and wants
Best Quality & Less Price.

How does a Vendor/Marketer choose a product to sell?

Depending on the following aspects/factors:

Cost
Seasonality/Availability
Demand of customer

What Are the 4 Ps of Marketing?

The four Ps of marketing are the key factors that are involved in the marketing of a good or service. They are the Product, Price, Place, and Promotion of goods or services. Often referred to as the marketing mix, the four Ps are constrained by internal and external factors in the overall business environment, and they interact significantly with one another.
Finally the 4 Ps are used by companies to identify some key factors for their business, including what consumers want from them, how their product or service meets or fails to meet those needs, how their product or service is perceived in the world, how they stand out from their competitors, and how they interact with their customers.

Importance of Marketing:

Marketing is responsible for communicating with customers about products, explaining who is offering them and why they are desirable. Marketing is also responsible for listening to customers and communicating back to the provider about how well they are satisfying customer needs and opportunities for improvement.

Functions of Marketing

Distribution
Financing
Marketing Information Management
Pricing
Product and Service Management.
Promotion
Selling

MUST READ: THE ROLE OF MARKETING IN STRATEGIC PLANNING

How does Marketing happen?

Marketing is the verb form of Market.
The market is a gathering of people for the purchase and sale of Products/services and also space used for the same.
Marketing is the operations and activities that are carried out in different markets.
As a result there is a buyer, there is a seller and both come together to make the marketing happen.

Marketer (Seller): The marketer sells the product to the customer at the required price of the customer thus satisfying the needs of the customer.

Moral of the Story:The marketer makes his money and also the customer buys a product at the required price.

Must Read: DEFINITION OF MARKETING MANAGEMENT

What is Marketing?

Marketing Definition:

Let’s see the Definition by Prof.Philip Kotler – an American Author widely regarded as the “Father of Modern Marketing”.

Marketing is a “Societal Process” by which individuals and groups obtain what they need and want by creating, offering, and freely exchanging products and services of Value with others.

Let’s see the meaning of the words used in this marketing definition.

Societal Process – Series of activities in Marketing

Needs & Wants (Basic necessities) -Specific need satisfiers. Depends on the customers. By want, you will satisfy your needs

Individuals – Different from each other

Groups – Different types of customers

Creating – Creating a product that is not available.

Offering – Whatever is created to be offered. Make customers know about it

Freely exchanging – Both Customer and Marketer have alternatives/options

Buyer/ Customer – Can buy or not buy

Marketer/Seller – Can sell or not sell

Products & Services: Need satisfiers. Anything that satisfies your needs.

Product: Tangible. Can be touched, stored

Service: Intangible. Cannot be touched or stored

Example) Airlines, Spa, Transport, etc.

Value: Utility per cost

What is the utility that the customers get out of the product & how much do they have to pay for it?
Customer finds Value in the product or services when the total utility is more than the total cost.

Society: Customers who have their requirement

Marketer: Who identifies the requirement

Must Read: WHAT IS VALUE MARKETING

What are the entities that can be marketed?

Goods For Example) Soap
Services For Example) Electric repair, doctor
Events For Example) Music
Experience For Example) Theme park
Person
Places For Example) Tourism
Properties For Example) Real estate
Organization
Information
Ideas For Example) Smoking kills